US Inflation Increased 7% Last Year - The Highest Since 1982
According to the US Labor Department, US inflation increased at its highest rate in nearly 40 years last month, with a 7% jump from a year earlier.
Prices have risen for food, furniture, gas and other household expenses. If food and gas prices are excluded, the "core prices" increased 0.6% from November to December and 5.5% year-to-year.
Surging prices have eliminated wage increases that many workers have received making it more difficult for some families to afford basic expenses.
The FED has stated that inflation is a "severe threat" to the economy and that they will need to increase rates to try and curb inflation.
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